Tax and other financial matters concerning Canadian professionals
in the U.S. and U.S. citizens in Canada Includes income and estate taxation, social security, health
insurance, retirement accounts, cross border tax issues, and other matters affecting your pocketbook.
Topic Administrator: Mark T. Serbinski, CA, CPA of Serbinski
Weinberg, Ltd. CPA's and Serbinski Partners, Chartered Accountants
I'm a dual US/Canadian citizen - moving back to Canada end of September. Can I keep a US checking account open (used to payoff my student loan) and keep a US credit card - or would this give the IRS reason to believe I'm still a resident..and tax me accordingly?
First off, a bank account is not a sign of residency, in either US or Canada.
HOWEVER, since you are a US citizen, you will ALWAYS have to file your taxes in US regardless of where you live.
You will still eventually qualify for any Foreign income exclusion as long as you are physically out of US for the required days, as your bank account is not an indication of presence.
Also, if moving US-to-Canada is anything like moving Canada-to-US, it's likely smart to hang on to that bank account and credit card. It tends to be handy to have these resources on the other side of the border. If you relinquish them, it's difficult or impossible to get them back if you're not living in the country.
As a Canadian living in the US, I find there's a small but steady trickle of incidentals for which my Canadian bank account or credit card is very useful.
Tax and other financial matters concerning Canadian professionals
in the U.S. and U.S. citizens in Canada Includes income and estate taxation, social security, health
insurance, retirement accounts, cross border tax issues, and other matters affecting your pocketbook.
Topic Administrator: Mark T. Serbinski, CA, CPA of Serbinski
Weinberg, Ltd. CPA's and Serbinski Partners, Chartered Accountants
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